Bitcoin might be astounding investors with its double-digit rally this year, but liquidity in crypto markets remains desiccated.
Bitcoin has surged roughly 70% this year, while other coins have also gained.
That’s an old narrative surrounding Bitcoin that has made a comeback in recent weeks, though not everyone’s convinced it’s the main reason the crypto has been rallying. However, the trio added that it’s unclear whether the coin is acting as a safe-haven asset or is “simply reacting to expectations of potentially lower interest rates.”
“On the other hand, Bitcoin has strongly outperformed Nasdaq, gained market share relative to even higher risk crypto assets, and has risen together with gold, perceived as a classical safe haven asset,” they wrote.
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